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Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill

Introduced on April 12. The bill creates a regime requiring climate-related disclosures by large listed issuers, banks, insurers and fund managers. First reading on April 15 and referred to the Economic Development, Science and Innovation Committee, to be reported in 4 months and 1 day. Opposed by just ACT. Reported back on Aug 16 with a number of changes. These include defining large listed issuers as issuers with a market capitalisation over $60m. Also there are changes to when parts of the requirements come into law and who can be give third party assurance reports. Second reading debate began on Sept 23 with National still supporting but indicating it wished a longer implementation time and the return of the ‘comply or explain’ option which was removed by the select committee. Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill